Gas prices across the country are rising, so people are flocking to the pumps to get their fill before the price tag soars.
Why are gas prices so high?
A recent ransomware attack led to a shutdown at the Colonial Pipeline, which helps with the supply of gasoline across the country, according to CNN.
- As a result, gasoline prices jumped 20% on Monday compared to one week ago.
Demand jumped as well in the U.S., specifically in states that are given gasoline by the Colonial Pipeline. Those states — Georgia, Florida, South Carolina, North Carolina and Virginia — had a 40% increase in demand.
- “This shutdown will have implications on both gasoline supply and prices, but the impact will vary regionally. Areas including Mississippi, Tennessee and the east coast from Georgia into Delaware are most likely to experience limited fuel availability and price increases, as early as this week,” said Jeanette McGee, AAA spokesperson in a statement. “These states may see prices increase three to seven cents this week.”
Will gas prices rise?
The national gas price jumped to $2.985 per gallon on Tuesday as a result, which is the highest since 2015, according to CNN. Prices will continue to rise from there, according to AAA.
If gas rises up to $2.99, it would be the highest national price since November 2014, according to AAA.
- “AAA forecasts gas prices to climb this week in reaction to the shutdown,” the auto club said on Monday.
Of course, gas prices tend to be seasonal. Prices often rise in the summer to accommodate the summer travel season when more people may be using cars to visit new locations over the summer months.